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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21978
Pioneer Series Trust VI
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2009 through April 30, 2010
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Floating
Rate Fund
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Semiannual Report | April 30, 2010
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Ticker Symbols:
Class A FLARX
Class C FLCRX
Class Y FLYRX
[LOGO]PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 34
Notes to Financial Statements 41
Approval of Investment Advisory Agreement 48
Trustees, Officers and Service Providers 52
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have begun to recover over the past
year from one of their most tumultuous periods in history. This is a welcome
relief, and we are generally optimistic about the prospects for the economy
going forward. Still, challenges remain. Unemployment is high; consumer demand
and loan growth are weak; and housing has not returned to normal.
At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover over the past year, as the Dow Jones Industrial
Average climbed back from the depressed levels we saw in early 2009. Many bond
investors have similarly seen a strong rebound, with a broad-based recovery
occurring across many different fixed-income asset classes. The riskiest asset
classes, such as high-yield bonds, outperformed other fixed-income asset
classes during most of 2009.
At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. While we see potential opportunities for making money in many corners
of the markets around the globe, it takes research and experience to separate
solid investment opportunities from speculation.
Following this difficult period, many investors are rethinking their approach
to investing and risk management. Some are questioning whether the basic
investment principles they were taught in the past are still useful in today's
markets. Complicating matters is that financial markets remain unpredictable.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 3
Portfolio Management Discussion | 4/30/10
Amid growing evidence of a strengthening economy, investors became increasingly
interested in opportunities offered by the higher yields of bank loans during
the six-month period ended April 30, 2010. As a consequence, floating-rate bank
loans delivered solid returns, with lower-quality, higher-yielding loans
outperforming higher-quality securities. In the following interview, Jonathan
Sharkey discusses the factors that affected the performance of Pioneer Floating
Rate Fund during the six-month period. Mr. Sharkey, a member of Pioneer's Fixed
Income Department, is responsible for the daily management of the Fund.
Q How did the Fund perform during the six months ended April 30, 2010?
A Pioneer Floating Rate Fund Class A shares returned 6.42% at net asset value
over the six months ended April 30, 2010, compared with a return of 8.54% for
the Fund's benchmark, the Barclays Capital High Yield Loans Performing Index
(the Barclays Index). Over the same period, the average return of the 91
mutual funds in Lipper's Loan Participation category was 7.88%. On April 30,
2010, the 30-day SEC yield of the Fund's Class A shares was 3.20%.
Q What were the principal factors affecting the Fund's performance during the
six-month period ended April 30, 2010?
A Reports of improving economies both at home and abroad encouraged fixed-income
investors to accept more credit risk in return for higher yields.
Floating-rate bank loans, along with other credit-sensitive investments,
performed very well in that environment, as investor money poured into the
market. By April 30, 2010, for example, the floating-rate loan market had
enjoyed net inflows of investor money for 21 successive weeks. Further
supporting the prices of bank loans was the heavy new issuance of high-yield
bonds, many of which were used to retire existing bank loans. In that
environment, securities with lower credit ratings and discounted prices tended
to outperform higher-quality investments. Bank loan issuance also increased,
with newer issues generally offering better yields and more protection to
investors than more seasoned loans. In the floating-rate loan market,
lower-rated loans fared much better than higher-quality investments carrying
less risk. CCC-rated loans, for example, produced substantially better returns
than BB-rated loans during both the fourth quarter of 2009 and the first
quarter of 2010.
While the Fund performed well on an absolute basis during the six-month
period, its emphasis on higher-quality loans resulted in underperformance
relative to the benchmark Barclays Index, which had a higher concentration
4 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
of CCC-rated and B-rated loans. We retained our preference for higher-quality
loan investments in the Fund, both because we found that new-issue loans rated
BB and higher had very attractive terms and because we wanted to make sure the
Fund was well protected against the risks posed by any sudden reversal of
market trends or downturns in the market. Consistent with our investment
orientation, the Fund's exposure to defaulted loans remained well below that
of the Barclays Index.
Q What were your principal strategies for the Fund during the six months ended
April 30, 2010?
A While retaining our focus on higher-quality securities, we added to the Fund's
overall diversification, adding 65 new issues to the Fund's portfolio of
investments. The Fund was well diversified across different sectors, although
we did increase weightings in transportation, where we saw attractive
opportunities in loans to airlines and shipping companies that were benefiting
from the economic rebound. Conversely, we reduced the Fund's weighting in
loans to the more defensive sectors, such as health care. In the consumer
sectors, we tended to emphasize consumer staples over consumer cyclical
companies because of the more consistent revenue and earnings outlooks for
staples companies.
In general, we typically have held less than 5% of the Fund's net assets in
cash and cash equivalents. The Fund's cash position was higher than normal at
the end of the six-month period, however, due to unsettled trades related to
commitments in the new-issue market as well as a large number of loan
pay-downs that occurred as of April 30, 2010. Soon after period end, the
excess cash was quickly utilized, bringing the Fund's allocation back into its
historical range.
At the end of the six-month period, 27.4% of Fund assets were invested in
B-rated loans, 43.5% of assets were invested in BB-rated loans and another
5.5% were rated in BBB-rated securities. Just 1.6% of Fund assets were
invested in loans rated CCC and 5.4% of assets were invested in unrated
loans.* On April 30, the Fund's average effective duration -- which measures
price sensitivity to interest-rate changes -- was 0.34 years.
* Source: Moody's and S&P. If the ratings provided by Moody's and S&P for a
security differ, the higher of the two ratings is used.
Q What were some examples of investments that affected Fund performance
noticeably during the six months ended April 30, 2010?
A Loans to several transportation-related companies did very well, including
loans to: Allison Transmission, a manufacturer of components for the
automotive and trucking industries; Delta Airlines; and Ford Motor. One of the
Fund's few defaulted positions actually turned out to be a major positive
contributor during the six months ended April 30, 2010. The debt of
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 5
Gateway Casinos, a Canada-based gambling casino operator which had defaulted,
appreciated during the six-month period based upon the market's recognition of
the value of the company's underlying assets.
Two of the Fund's poorer-performing investments were loans that had been
trading above par value and then gave up some of their earlier price gains
during the six-month period, as investors worried about potential risks if
companies refinanced their debts. These included loans to Discovery
Communication, operator of the Discovery Channel, and to Allied Security
Holdings, which provides security protection to commercial clients, including
shopping malls.
Q What is your investment outlook?
A We believe the sharp market volatility which has characterized the credit
markets in 2008 and 2009 will begin to abate and the investment environment
will return to conditions more closely resembling long-term historical trends.
We think the Fund, which has performed well against its benchmarks on a
longer-term basis, should be well positioned as market trends begin to evolve
and normalize.
Going forward, we believe bank loans should perform well relative to other
asset classes on a risk-adjusted basis. In addition, the floating-rate feature
of bank loans should give investors more price protection than fixed-rated
securities when interest rates eventually start to rise again.
Please refer to the Schedule of Investments on pages 15-33 for a full listing
of Fund securities.
Investments in high yield or lower-rated securities are subject to
greater-than-average risk. The Fund may invest in securities of issuers that
are in default or that are in bankruptcy. When interest rates rise, the prices
of fixed-income securities in the Fund will generally fall. Conversely, when
interest rates fall, the prices of fixed-income securities in the Fund will
generally rise. The floating rate feature of the Fund's Senior Floating Rate
Loans means that these investments will not experience capital appreciation in
a declining interest rate environment. Investments in the Fund are subject to
possible loss due to the financial failure of issuers of underlying securities
and their inability to meet their debt obligations. Prepayment risk is the
chance that mortgage-backed bonds will be paid off early if falling interest
rates prompt homeowners to refinance their mortgages. Forced to reinvest the
unanticipated proceeds at lower interest rates, the Fund would experience a
decline in income and lose the opportunity for additional price appreciation
associated with falling interest rates. The value of collateral, if any,
securing a floating rate loan can decline, and may be insufficient to meet the
issuer's obligations or may be difficult to liquidate. In addition, the Fund's
access to collateral may be limited by bankruptcy or other insolvency laws.
Although Pioneer normally will seek to avoid receiving non-publicly available
information about the issuer of a loan, this decision not to receive the
information
6 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
may place it at a disadvantage, relative to other loan investors, in assessing
the loan. The Fund is not diversified, which means that it can invest a higher
percentage of its assets in the securities of any one issuer than a diversified
fund. Being non-diversified may magnify the Fund's losses from adverse events
affecting a particular issuer. Some of the floating rate loans and other
investments in which the Fund may invest will be considered to be illiquid.
Illiquid securities may be difficult to dispose of at a fair price at the times
when the Fund believes it is desirable to do so, and their market price is
generally more volatile than that of more liquid securities. Illiquid
securities are also more difficult to value, and investment of the Fund's
assets in illiquid securities may restrict the Fund's ability to take advantage
of market opportunities. Investing in foreign and/or emerging markets
securities involves risks relating to interest rates, currency exchange rates,
economic and political conditions. At times, the Fund's investments may
represent industries or industry sectors that are interrelated or have common
risks, making it more susceptible to any economic, political or regulatory
developments or other risks affecting those industries or sectors.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 7
Portfolio Summary | 4/30/10
Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Senior Floating Rate Loan Interests 73.3%
Temporary Cash Investments 18.7%
U.S. Corporate Bonds 6.8%
U.S. Common Stocks 0.4%
Collateralized Mortgage Obligations 0.3%
Asset Backed Securities 0.3%
U.S. Preferred Stocks 0.2%
Portfolio Quality
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(As a percentage of total investment portfolio; based on S&P ratings)
[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Commercial Paper 16.6%
BBB 5.5%
BB 43.5%
B 27.4%
CCC & Lower 1.6%
Not Rated 5.4%
10 Largest Holdings
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(As a percentage of long-term holdings)*
1. SRAM LLC, Term Loan, 5.50%, 4/30/15 1.10%
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2. Custom Building Products, Inc., Term Loan, 5.75%, 3/19/15 1.07
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3. Allison Transmission, Inc., Term Loan, 3.01%, 8/7/14 1.05
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4. Christie/AIX, Inc., Term Loan, 5.25%, 3/31/16 1.03
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5. Web Service Company LLC, Term Loan, 7.0%, 8/28/14 1.02
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6. Sally Holdings LLC, Term B Loan, 2.52%, 11/16/13 0.97
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7. Intersil Corp., Term Loan, 4.75%, 4/27/16 0.97
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8. USI Holdings Corp., Tranche B Term Loan, 3.05%, 5/5/14 0.95
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9. Georgia-Pacific LLC, Term Loan, 2.33%, 12/20/12 0.94
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10. Bright Horizons Family Solutions, Inc., Tranche B Term Loan, 7.5%, 5/28/15 0.94
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* This list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
8 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
Prices and Distributions | 4/30/10
Net Asset Value per Share
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Class 4/30/10 10/31/09
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A $6.83 $6.58
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C $6.84 $6.58
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Y $6.85 $6.59
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Distributions per Share: 11/1/09-4/30/10
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Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
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A $0.1675 $ -- $ --
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C $0.1376 $ -- $ --
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Y $0.1700 $ -- $ --
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Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 9
Performance Update | 4/30/10 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund at public offering price,
compared to that of the Barclays Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of April 30, 2010)
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Net Asset Public Offering
Period Value Price (POP)
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Life-of-Class
(2/14/07) 2.92% 1.46%
1 Year 23.76 18.26
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Expense Ratio
(Per prospectus dated March 1, 2010)
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Gross Net
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1.58% 1.10%
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[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Floating Barclays Capital High Yield
Rate Fund Loans Performing Index
2/07 9,550 10,000
4/07 9,664 10,181
4/08 9,422 9,954
4/09 8,466 8,703
4/10 10,477 11,492
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
POP returns reflect deduction of maximum 4.50% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/12 for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
The Barclays Capital High Yield Loans Performing Index provides broad and
comprehensive total return metrics of the universe of syndicated term loans. To
be included in the index, a bank loan must be dollar denominated, have at least
$150 million in funded loans, a minimum term of one year, and a minimum initial
spread of LIBOR+125. Index returns are calculated monthly, assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. You cannot invest directly in an index.
10 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
Performance Update | 4/30/10 Class C Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund, compared to that of the Barclays
Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of April 30, 2010)
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If If
Period Held Redeemed
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Life-of-Class
(2/14/07) 2.08% 2.08%
1 Year 22.86 22.86
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Expense Ratio
(Per prospectus dated March 1, 2010)
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Gross Net
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2.29% 2.00%
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[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Floating Barclays Capital High Yield
Rate Fund Loans Performing Index
2/07 10,000 10,000
4/07 10,095 10,181
4/08 9,753 9,954
4/09 8,696 8,703
4/10 10,683 11,492
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. "If redeemed" returns reflect the deduction of the 1% CDSC. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/11 for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
The Barclays Capital High Yield Loans Performing Index provides broad and
comprehensive total return metrics of the universe of syndicated term loans. To
be included in the index, a bank loan must be dollar denominated, have at least
$150 million in funded loans, a minimum term of one year, and a minimum initial
spread of LIBOR+125. Index returns are calculated monthly, assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. You cannot invest directly in an index.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 11
Performance Update | 4/30/10 Class Y Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund, compared to that of the Barclays
Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of April 30, 2010)
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If If
Period Held Redeemed
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Life-of-Class
(2/14/07) 3.05% 3.05%
1 Year 24.17 24.17
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Expense Ratio
(Per prospectus dated March 1, 2010)
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Gross Net
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1.24% 1.24%
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[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Floating Barclays Capital High Yield
Rate Fund Loans Performing Index
2/07 10,000 10,000
4/07 10,115 10,181
4/08 9,867 9,954
4/09 8,867 8,703
4/10 11,009 11,492
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
The Barclays Capital High Yield Loans Performing Index provides broad and
comprehensive total return metrics of the universe of syndicated term loans. To
be included in the index, a bank loan must be dollar denominated, have at least
$150 million in funded loans, a minimum term of one year, and a minimum initial
spread of LIBOR+125. Index returns are calculated monthly, assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. You cannot invest directly in an Index.
12 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
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Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on actual returns from November 1, 2009 through April 30, 2010.
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Share Class A C Y
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Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 11/1/09
- --------------------------------------------------------------------------------
Ending Account Value $1,064.20 $1,061.00 $1,066.00
on 4/30/10
- --------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.63 $ 10.22 $ 5.02
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.00% and
0.98%, for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, multiplied by 181/365 (to reflect
the one-half year period).
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2009 through April 30, 2010.
- --------------------------------------------------------------------------------
Share Class A C Y
- --------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 11/1/09
- --------------------------------------------------------------------------------
Ending Account Value $1,019.34 $1,014.88 $1,019.93
on 4/30/10
- --------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.51 $ 9.99 $ 4.91
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.00% and
0.98%, for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, multiplied by 181/365 (to reflect
the one-half year period).
14 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
Schedule of Investments | 4/30/10 (unaudited)
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (b) Ratings Value
- -----------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.2%
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
1,163 Lear Corp. Merger* $ 93,040
-----------
Total Automobiles & Components $ 93,040
- -----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Diversified Financial Services -- 0.1%
100 Bank of America Corp., 7.25%, 12/31/49 $ 98,199
-----------
Total Diversified Financials $ 98,199
- -----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $153,574) $ 191,239
- -----------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.4%
MATERIALS -- 0.0%
Steel -- 0.0%
5,699 KNIA Holdings, Inc.* (c) $ 44,224
-----------
Total Materials $ 44,224
- -----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
875 Lear Corp.* $ 71,033
-----------
Total Automobiles & Components $ 71,033
- -----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Real Estate Development -- 0.3%
106,253 Newhall Land Development LLC* $ 207,193
-----------
Total Real Estate $ 207,193
- -----------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $187,101) $ 322,450
- -----------------------------------------------------------------------------------------------------
Principal
Amount
- -----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.3%
DIVERSIFIED FINANCIALS -- 0.3%
Diversified Financial Services -- 0.3%
$ 278,072 B/Baa3 Ellington Loan Acquisition, 1.0625%, 5/27/37 $ 241,120
-----------
Total Diversified Financials $ 241,120
- -----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $245,833) $ 241,120
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 15
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- -----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.3%
BANKS -- 0.3%
Thrifts & Mortgage Finance -- 0.3%
$ 250,000 NR/Ba1 SBA CMBS Trust, 6.709%, 11/15/36 $ 259,488
-----------
Total Banks $ 259,488
- -----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $225,543) $ 259,488
- -----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 6.8%
ENERGY -- 1.7%
Oil & Gas Equipment & Services -- 0.5%
500,000 3.52 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) $ 427,500
- -----------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 1.2%
498,000 BB/B1 Denbury Resources, Inc., 8.25%, 2/15/20 $ 534,105
500,000 3.92 B+/B3 SandRidge Energy, Inc., Floating Rate Note,
4/1/14 469,263
-----------
$ 1,003,368
-----------
Total Energy $ 1,430,868
- -----------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Paper Products -- 0.3%
225,000 B+/B1 Appleton Papers, Inc., 10.5%, 6/15/15 (144A) $ 228,375
-----------
Total Materials $ 228,375
- -----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.1%
Aerospace & Defense -- 0.4%
100,000 B-/B3 Aeroflex, Inc., 11.75%, 2/15/15 $ 109,375
45,000 BB/Ba3 DigitalGlobe, Inc., 10.5%, 5/1/14 49,275
150,000 BB/B2 Spirit Aerosystems, Inc., 7.5%, 10/1/17 (144A) 153,375
-----------
$ 312,025
- -----------------------------------------------------------------------------------------------------
Building Products -- 0.1%
90,000 BB/B1 USG Corp., 9.75%, 8/1/14 (144A) $ 97,200
- -----------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.4%
121,000 B-/B3 Oshkosh Corp., 8.25%, 3/1/17 $ 127,353
200,000 BB-/Caa1 The Manitowoc Co, Inc., 9.5%, 2/15/18 210,000
-----------
$ 337,353
- -----------------------------------------------------------------------------------------------------
Electrical Component &
Equipment -- 0.2%
200,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 (144A) $ 204,250
-----------
Total Capital Goods $ 950,828
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- ----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%
Airlines -- 0.0%
$ 19,296 B-/Ba3 Continental Airlines, Inc., 7.461%, 4/1/13 $ 19,103
-----------
Total Transportation $ 19,103
- -----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Leisure Products -- 0.3%
200,000 B/Ba3 Freedom Group, Inc., 10.25%, 8/1/15 $ 208,500
-----------
Total Consumer Durables & Apparel $ 208,500
- -----------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Catalog Retail -- 0.2%
175,000 BB+/Ba2 QVC, Inc., 7.5%, 10/1/19 (144A) $ 179,375
-----------
Total Retailing $ 179,375
- -----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
100,000 B/B1 Cellu Tissue Holdings, Inc., 11.5%, 6/1/14 $ 111,750
-----------
Total Household & Personal Products $ 111,750
- -----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Facilities -- 0.7%
500,000 BB/Ba3 HCA, Inc., 7.875%, 2/15/20 $ 538,125
-----------
Total Health Care Equipment & Services $ 538,125
- -----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Asset Management & Custody Banks -- 0.1%
90,000 BB+/Baa3 Janus Capital Group, Inc., 6.5%, 6/15/12 $ 93,203
-----------
Total Diversified Financials $ 93,203
- -----------------------------------------------------------------------------------------------------
INSURANCE -- 0.9%
Reinsurance -- 0.9%
250,000 7.19 BB+/NR Blue Fin, Ltd., Floating Rate Note, 4/10/12 $ 234,450
250,000 8.92 BB/NR Caelus Re, Ltd., Floating Rate Note, 6/7/11 247,750
250,000 10.25 BB-/NR Mystic Re, Ltd., Floating Rate Note, 6/7/11 253,825
-----------
$ 736,025
-----------
Total Insurance $ 736,025
- -----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Specialized Real Estate
Investment Trusts -- 0.3%
250,000 BBB/Baa2 Hospitality Properties Trust, 7.875%, 8/15/14 $ 275,349
-----------
Total Real Estate $ 275,349
- -----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.1%
Integrated Telecommunication Services -- 0.6%
500,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 $ 485,625
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 17
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- ----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.5%
$ 365,000 B+/Ba2 Cricket Communications, Inc., 7.75%, 5/15/16 $ 378,688
-----------
Total Telecommunication Services $ 864,313
- ----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $5,489,318) $ 5,635,814
- ----------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 73.7%**
ENERGY -- 2.0%
Integrated Oil & Gas -- 0.3%
250,000 4.50 D/Caa3 Big West Oil LLC, Term Loan, 4/30/15 $ 253,229
- ----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.7%
350,000 6.25 NR/NR Aquilex Holdings LLC, Term Loan, 3/11/16 $ 352,625
236,400 8.00 B+/NR Hudson Products Holdings, Inc., Term Loan,
8/24/15 218,670
-----------
$ 571,295
- ----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
162,794 4.31 B/B3 Venoco, Inc., 2nd Lien Term Loan, 5/7/14 $ 156,486
- ----------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.3%
300,000 0.00 NR/Ba2 Pilot Travel Centers, Initial Tranche B Term Loan,
11/24/15 $ 302,679
- ----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.5%
410,749 6.75 NR/Ba2 Atlas Pipeline Partners, L.P., Term Loan, 7/27/14 $ 410,621
-----------
Total Energy $ 1,694,310
- ----------------------------------------------------------------------------------------------------------
MATERIALS -- 6.3%
Aluminum -- 0.6%
283,997 2.27 CC/B1 Noranda Aluminum, Inc., Term B Loan, 5/18/14 $ 279,737
186,611 2.29 BB-/Ba2 Novelis Corp., U.S. Term Loan, 7/6/14 181,071
82,680 2.28 BB-/Ba2 Novelis, Inc., Canadian Term Loan, 7/6/14 80,225
-----------
$ 541,033
- ----------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.4%
349,100 2.04 BB+/Ba2 Celanese Holdings LLC, Term Loan, 4/2/14 $ 342,753
- ----------------------------------------------------------------------------------------------------------
Construction Materials -- 0.6%
500,000 6.75 NR/NR Summit Materials LLC, Term Loan, 7/7/14 $ 497,813
- ----------------------------------------------------------------------------------------------------------
Diversified Chemical -- 1.0%
224,888 2.00 BB-/Ba2 Huntsman Corp., New Term B Loan, 4/21/14 $ 216,994
162,883 7.50 B/B2 Ineos U.S. Finance Corp., Term B2 Facility Loan,
12/16/13 162,934
162,876 8.00 B/B2 Ineos U.S. Finance Corp., Term C2 Facility Loan,
12/16/14 162,927
250,000 4.75 BB-/Ba3 Solutia, Inc., Term Loan, 3/2/17 252,057
-----------
$ 794,912
- ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
- ----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- ----------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.6%
$ 500,000 5.75 BB+/B1 CF Industries, Inc., B1 Term Loan, 4/5/15 $ 503,805
- ----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.3%
57,925 2.50 B+/B2 Graham Packaging Co., Term B Loan, 10/7/11 $ 57,621
153,784 6.75 B+/B2 Graham Packaging Co., Term C Loan, 4/5/14 155,286
-----------
$ 212,907
- ----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.7%
263,115 3.04 BB/Ba2 Graphic Packaging International, Inc., Incremental
Term Loan, 5/16/14 $ 262,309
300,000 0.50 B+/Ba3 Smurfit-Stone Container Corp., Term Loan,
1/2/16 302,303
-----------
$ 564,612
- ----------------------------------------------------------------------------------------------------------
Paper Products -- 0.8%
641,951 2.33 BB+/Ba1 Georgia-Pacific Corp., Term Loan, 12/20/12 $ 639,143
- ----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.9%
500,000 6.00 NR/NR Chemtura Corp., Term Loan, 3/22/11 $ 503,750
248,125 6.50 BB-/Ba2 Nalco Co., Term Loan, 5/5/16 250,555
-----------
$ 754,305
- ----------------------------------------------------------------------------------------------------------
Steel -- 0.4%
340,069 8.50 B/B3 Niagara Corp., New Term Loan, 6/29/14 (c) $ 336,668
-----------
Total Materials $ 5,187,951
- ----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 7.3%
Aerospace & Defense -- 3.1%
295,200 3.50 B+/Ba3 Aeroflex, Inc., Tranche B1 Term Loan, 8/15/14 $ 289,849
358,438 5.75 BBB-/Ba1 BE Aerospace, Inc., Tranche B Term Loan,
7/28/14 361,873
315,349 4.09 NR/NR DAE Aviation Holdings, Inc., Tranche B1 Term
Loan, 7/31/14 302,209
398,256 3.55 B-/B1 Hunter Defense Technology, Term Loan, 8/22/14 373,365
500,000 9.25 B+/B2 IAP Worldwide Services, Term Loan, 12/20/12 482,625
195,939 2.00 BB-/Ba2 Spirit Aerosystems, Inc., Term B1 Loan, 9/30/13 194,061
306,972 4.09 NR/NR Standard Aero, Ltd., Tranche B2 Term Loan,
7/31/14 294,182
85,313 5.50 NR/Ba2 Tasc, Inc., Tranche A Term Loan, 12/18/14 85,526
162,094 5.75 NR/Ba2 Tasc, Inc., Tranche B Term Loan, 12/18/15 162,904
-----------
$ 2,546,594
- ----------------------------------------------------------------------------------------------------------
Building Products -- 0.9%
724,576 5.75 NR/NR Custom Building Products, Inc., Term Loan,
3/19/15 $ 725,935
- ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 19
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- -----------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.5%
$ 278,293 6.25 BB/Ba2 Goodman Global, Inc., Term Loan, 2/13/14 $ 279,626
139,491 2.54 NR/NR URS Corp., Tranche B Term Loan, 5/15/13 139,142
-----------
$ 418,768
- -----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 1.6%
250,000 9.75 D/Caa1 Accuride Corp., U.S. Term Loan, 6/30/13 $ 251,354
500,000 4.50 BB/Ba2 Bucyrus International, Inc., Tranche C Term Loan,
12/21/15 504,016
417,458 7.50 BBB-/B1 Manitowoc Co., Term B Loan, 8/25/14 419,098
146,326 6.26 BB-/Ba3 Oshkosh Corp., Term B Loan, 12/6/13 147,286
-----------
$ 1,321,754
- -----------------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.6%
500,000 5.75 B+/B1 Scotsman Industries, Inc., Term Loan, 4/30/16 $ 500,625
- -----------------------------------------------------------------------------------------------------------
347,950 5.33 BB-/Ba3 Mueller Water Products, Term B Loan, 5/24/14 $ 349,342
- -----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.2%
143,095 2.04 BB+/Ba3 Interline Brands, Inc., Delayed Draw Term Loan,
6/23/13 $ 135,224
37,500 2.01 BB+/Ba3 Interline Brands, Inc., Initial Term Loan, 6/23/13 35,438
170,662
-----------
Total Capital Goods $ 6,033,680
- -----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 3.6%
Commercial Printing -- 0.7%
9,380 4.77 NR/NR Cenveo Corp., Delayed Draw Term Loan, 6/21/13 $ 9,413
292,762 4.77 NR/NR Cenveo Corp., Term C Facility Loan, 6/21/13 293,812
248,646 9.00 B+/B1 World Color Press, Inc., Advance Term Loan,
7/10/12 251,650
-----------
$ 554,875
- -----------------------------------------------------------------------------------------------------------
Diversified Commercial Services -- 0.3%
224,142 3.78 NR/NR Asset Acceptance Capital Corp., Tranche B Term
Loan, 6/12/13 $ 216,297
- -----------------------------------------------------------------------------------------------------------
Diversified Support Services -- 1.2%
344,619 6.75 NR/NR Allied Security Holdings, Term Loan, 2/20/15 $ 347,850
349,103 1.78 BB+/Ba1 Iron Mountain, Inc., Initial Term Loan, 4/16/14 344,739
249,375 5.50 BB-/Ba3 Language Line Holdings LLC, Tranche B Term
Loan, 10/29/15 250,830
67,447 3.80 BB/Caa1 Rental Service Corp., Initial Term Loan, 11/30/13 65,694
-----------
$ 1,009,113
- -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- ---------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 1.1%
$ 249,375 6.00 NR/Ba3 Advanced Disposal Services, Inc., Term B Loan,
12/23/14 $ 251,557
194,046 2.29 BB-/Baa3 Brickman Holdings, Tranche B Term Loan,
1/23/14 190,165
248,125 7.00 BB-/Ba2 Casella Waste Systems, Inc., Term B Loan,
4/9/14 250,296
243,125 2.26 D/B2 Synagro Technologies, Inc., 1st Lien Term Loan,
4/2/14 221,548
-----------
$ 913,566
- ---------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.3%
248,750 6.25 BB-/Ba3 Protection One Alarm Monitoring, Inc., Tranche B2
Term Loan, 3/31/14 $ 249,372
-----------
Total Commercial Services & Supplies $ 2,943,223
- ---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.2%
Air Freight & Couriers -- 0.6%
151,664 3.29 NR/Ba2 Ceva Group Plc, Additional Pre-funded Term Loan,
11/4/13 $ 138,014
401,207 3.26 NR/Ba2 Ceva Group Plc, U.S. Term Loan, 11/4/13 365,098
-----------
$ 503,112
- ---------------------------------------------------------------------------------------------------------
Airlines -- 0.9%
99,500 8.75 BB-/B2 Delta Air Lines, Inc., Term Loan, 9/27/13 $ 101,216
647,061 3.55 B+/Ba2 Delta Air Lines, Inc., 2nd Lien Term Loan,
4/30/14 607,105
-----------
$ 708,321
- ---------------------------------------------------------------------------------------------------------
Marine -- 0.4%
366,667 3.30 NR/NR Horizon Lines, Inc., Term Loan, 8/8/12 $ 334,125
- ---------------------------------------------------------------------------------------------------------
Railroads -- 0.3%
246,164 2.05 BB-/Ba2 Kansas City Southern Railway, Term B Advance
Loan, 4/28/13 $ 243,394
-----------
Total Transportation $ 1,788,952
- ---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.8%
Auto Parts & Equipment -- 2.0%
744,000 3.01 BB-/B2 Allison Transmission, Inc., Term Loan, 8/7/14 $ 713,051
15,787 4.17 CC/Ca Cooper-Standard Automotive, Inc., Canadian
Term Loan, 12/23/10 15,896
17,135 5.00 CC/Ca Cooper-Standard Automotive, Inc., Multicurrency
Term Loan, 12/23/10 17,252
13,493 5.00 CC/Ca Cooper-Standard Automotive, Inc., Tranche A
Term Loan, 12/23/10 13,586
41,142 5.00 CC/Caa2 Cooper-Standard Automotive, Inc., Tranche B
Term Loan, 12/23/11 41,425
102,772 5.00 CC/Caa2 Cooper-Standard Automotive, Inc., Tranche C
Term Loan, 12/23/11 103,478
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 21
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- ---------------------------------------------------------------------------------------------------------
Auto Parts & Equipment -- (continued)
$ 114,242 5.00 CC/Ca Cooper-Standard Automotive, Inc., Tranche D
Term Loan, 12/23/11 $ 115,027
56,696 5.00 CC/Ca Cooper-Standard Automotive, Inc., Tranche E
Term Loan, 12/23/11 57,086
30,095 4.14 CC/Ca Cooper-Standard Automotive, Inc., U.S. Revolving
Term Loan, 12/23/10 30,302
198,142 2.19 NR/NR Federal Mogul Corp., Tranche B Term Loan,
12/29/14 181,630
101,093 2.20 NR/NR Federal Mogul Corp., Tranche C Term Loan,
12/28/15 92,668
250,000 10.50 NR/NR HHI Holdings LLC, Term Loan, 3/11/15 254,141
-----------
$ 1,635,542
- ---------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.6%
494,261 3.28 B-/Ba3 Ford Motor Co., Tranche B1 Term Loan,
12/15/13 $ 478,120
- ---------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.2%
175,000 2.24 BB/Ba1 Goodyear Tire & Rubber Co., 2nd Lien Term Loan,
4/30/14 $ 167,650
-----------
Total Automobiles & Components $ 2,281,312
- ---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Housewares & Specialties -- 0.1%
123,303 2.79 BB-/Ba3 Jarden Corp., Term B3 Loan, 1/24/12 $ 123,303
-----------
Total Consumer Durables & Apparel $ 123,303
- ---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.7%
Casinos & Gaming -- 0.7%
409,375 2.80 NR/NR Gateway Casinos & Entertainment, Advance Term
Loan, 9/30/14 $ 395,729
82,917 2.80 NR/NR Gateway Casinos & Entertainment, Delayed Draw
Term Loan, 9/30/14 80,153
124,688 9.50 B/Baa3 Harrah's Operating Co, Inc., Term B4 Loan,
10/31/16 129,701
-----------
$ 605,583
- ---------------------------------------------------------------------------------------------------------
Education Services -- 0.8%
635,624 7.50 NR/NR Bright Horizons Family Solutions, Inc., Tranche B
Term Loan, 5/28/15 $ 639,029
- ---------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.2%
164,755 10.50 BB/Ba2 Travelport LLC, Incremental Term Loan, 8/23/13 $ 165,886
- ---------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.9%
499,375 5.50 B+/Ba2 Universal City Development, Term Loan,
10/20/14 $ 502,536
249,375 6.50 BB/Ba2 Universal City Development, Term Loan,
10/29/14 251,087
-----------
$ 753,623
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- ---------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.1%
$ 203,553 3.03 BB/Ba1 Adesa, Inc., Initial Term Loan, 10/21/13 $ 200,063
693,734 7.00 NR/NR Web Service Center, Term Loan, 8/28/14 692,866
-----------
$ 892,929
-----------
Total Consumer Services $ 3,057,050
- ---------------------------------------------------------------------------------------------------------
MEDIA -- 8.8%
Advertising -- 1.8%
500,000 5.00 B+/Ba3 Advantage Sales & Marketing LLC, 1st Lien Term
Loan, 4/30/16 $ 499,688
500,000 5.00 BB/Ba2 Affinion Group, Inc., Tranche B Term Loan,
10/9/16 497,500
500,000 4.25 BB/Baa3 Lamar Media Corp., Term B Loan, 10/1/16 502,084
-----------
$ 1,499,272
- ---------------------------------------------------------------------------------------------------------
Broadcasting -- 1.8%
471,369 5.25 NR/Baa3 Discovery Communications Holding LLC, Term C
Loan, 5/14/14 $ 476,157
131,236 7.50 NR/NR FoxCo Acquisition Sub LLC, Term Loan, 7/14/15 130,743
300,000 2.25 BB-/B1 Insight Media Holdings, Term B Loan, 4/7/14 293,766
246,074 5.00 NR/NR TWCC Holding Corp., Replacement Term Loan,
9/14/15 248,750
325,000 2.54 B-/Baa2 Univision Communication, Inc., Initial Term Loan,
9/29/14 296,888
-----------
$ 1,446,304
- ---------------------------------------------------------------------------------------------------------
Cable & Satellite -- 2.7%
215,808 2.29 NR/NR Cequel Communications LLC, Term Loan,
11/5/13 $ 212,301
488,750 2.30 NR/NR Charter Communications, Inc., Term B1 Loan,
3/5/14 464,652
470,264 2.50 B/B1 Knology, Inc., Term Loan, 6/30/12 466,737
500,000 4.50 BB-/Ba3 Mediacom Broadband LLC, Tranche F Term Loan,
10/20/17 500,375
488,773 2.77 CCC/B2 WideOpenWest LLC, 1st Lien Term Loan,
6/30/14 464,182
98,755 6.78 CCC/B2 WideOpenWest LLC, Series A Term Loan,
6/18/14 99,480
-----------
$ 2,207,727
- ---------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 2.3%
293,862 2.01 BB-/Ba2 AMC Entertainment, Inc., Term Loan, 1/28/13 $ 287,457
470,448 5.50 B-/B1 Carmike Cinemas, Inc., Initial Term Loan,
1/27/16 470,993
700,000 5.25 NR/Ba1 Christie/AIX, Inc., Term Loan, 3/31/16 700,000
490,620 2.30 B/B3 LodgeNet Entertainment, Closing Date Loan,
4/4/14 470,996
-----------
$ 1,929,446
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 23
Schedule of Investments | 4/30/10 (unaudited) (continued)
- --------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- --------------------------------------------------------------------------------------------------------
Publishing -- 0.2%
$ 208,357 9.25 BB/Ba2 RH Donnelley, Inc., Term Loan, 10/24/14 $ 203,409
-----------
Total Media $ 7,286,158
- --------------------------------------------------------------------------------------------------------
RETAILING -- 2.1%
Catalog Retail -- 0.1%
102,941 3.76 NR/NR QVC, Inc., Tranche 2W Loan, 10/4/11 $ 103,003
- --------------------------------------------------------------------------------------------------------
General Merchandise Stores -- 0.2%
213,424 3.06 CCC+/B1 Dollar General Corp., Tranche B1 Term Loan,
7/7/14 $ 210,720
- --------------------------------------------------------------------------------------------------------
Internet Retail -- 0.2%
156,514 7.00 NR/NR Ticketmaster Corp., Term B Loan, 7/25/14 $ 158,128
- --------------------------------------------------------------------------------------------------------
Specialty Stores -- 1.6%
661,413 2.52 NR/NR Sally Holdings LLC, Term B Loan, 11/16/13 $ 654,615
325,000 5.75 NR/NR Savers, Inc., Term Loan, 2/17/16 327,031
300,000 4.51 B/NR Toys R Us, Inc., Tranche B Term Loan, 7/19/12 300,222
-----------
$ 1,281,868
-----------
Total Retailing $ 1,753,719
- --------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.8%
Drug Retail -- 0.5%
98,500 6.00 NR/NR Rite Aid Corp., Tranche 3 Term Loan, 6/4/14 $ 97,480
300,000 9.50 NR/NR Rite Aid Corp., Tranche 4 Term Loan, 6/10/15 313,750
-----------
$ 411,230
- --------------------------------------------------------------------------------------------------------
Food Retail -- 0.3%
245,886 2.98 BB-/Ba3 Pinnacle Foods, Inc., Term Loan, 4/19/14 $ 239,978
-----------
Total Food & Drug Retailing $ 651,208
- --------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.1%
Agricultural Products -- 0.6%
500,000 5.50 B/B1 WM Bolthouse Farms, Inc., 1st Lien Term Loan,
1/25/16 $ 503,906
- --------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.5%
132,142 3.00 BB/Ba3 Constellation Brands, Inc., Extending Term Loan,
6/5/15 $ 133,340
267,858 1.75 BB-/Ba3 Constellation Brands, Inc., Non-extending Term
Loan, 6/5/13 265,921
-----------
$ 399,261
- --------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.0%
293,199 1.68 BB+/Ba3 Dean Foods Co., Tranche B Term Loan, 4/2/14 $ 287,518
55,203 7.99 BB-/Ba2 Dole Food Co., Inc., Credit Linked Term Loan,
4/12/13 55,866
70,588 5.04 BB-/Ba2 Dole Food Co., Inc., Tranche B1 Term Loan,
2/1/17 71,435
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
- -------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- -------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- (continued)
$ 175,324 5.01 BB-/Ba2 Dole Food Co., Inc., Tranche C1 Term Loan,
2/1/17 $ 177,427
250,000 7.00 BB-/Caa3 Pierre Foods, Inc., Term Loan, 2/17/16 252,292
-----------
$ 844,538
-----------
Total Food, Beverage & Tobacco $ 1,747,705
- -------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.4%
Household Products -- 2.8%
299,250 5.50 BB-/Ba2 Diversey Holdings, Inc., Tranche B Dollar Term
Loan, 11/24/15 $ 301,868
248,438 6.25 NR/NR Reynolds Group Holdings, Inc., U.S. Term Loan,
11/5/15 250,052
472,288 8.00 B-/B3 Spectrum Brands, Inc., Dollar Term B Loan,
3/30/13 472,406
24,414 8.00 B-/B3 Spectrum Brands, Inc., Letter of Credit Loan,
3/30/13 24,420
741,000 5.50 B+/B1 SRAM LLC, Term Loan, 4/30/15 742,853
553,053 2.28 NR/NR Yankee Candle Co., Term Loan, 2/6/14 543,878
-----------
$ 2,335,477
- -------------------------------------------------------------------------------------------------------
Personal Products -- 0.6%
500,000 6.00 NR/NR Revlon Consumer Products Corp., Term Loan,
8/15/15 $ 498,391
-----------
Total Household & Personal Products $ 2,833,868
- -------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 8.3%
Health Care Equipment -- 0.1%
35,005 4.50 NR/NR Fresenius SE, Tranche C1 Dollar Term Loan,
9/1/14 $ 35,431
19,995 4.50 NR/NR Fresenius SE, Tranche C2 Term Loan, 9/1/14 20,239
-----------
$ 55,670
- -------------------------------------------------------------------------------------------------------
Health Care Facilities -- 3.5%
405,000 6.50 B+/B1 Ardent Health Services LLC, Term Loan, 7/19/15 $ 400,849
26,371 2.50 BB-/Ba3 CHS/Community Health Systems, Inc., Delayed
Draw Term Loan, 7/25/14 25,671
514,978 2.50 BB-/Ba3 CHS/Community Health Systems, Inc., Funded
Term Loan, 7/25/14 501,298
277,911 2.27 B+/Ba2 Hanger Orthopedic Group, Inc., Tranche B Term
Loan, 5/26/13 274,553
83,654 2.27 B+/Ba2 HCA, Inc., Tranche B1 Term Loan, 11/18/13 81,515
200,619 3.54 BB/Ba3 HCA, Inc., Tranche B2 Term Loan, 3/17/17 199,574
165,867 4.01 BB-/Ba3 Healthsouth Corp., Tranche 2 Term Loan,
3/15/14 166,005
482,164 2.09 B+/Ba2 Psychiatric Solutions, Inc., Term Loan, 7/2/12 478,397
80,460 2.29 B+/Ba2 Sun Health Care, Synthetic LC Term Loan,
4/19/14 77,644
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 25
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- ---------------------------------------------------------------------------------------------------------
Health Care Facilities -- 3.5%
$ 359,203 2.35 B+/Ba2 Sun Health Care, Term Loan, 4/19/14 $ 346,631
54,381 2.27 B/Ba3 United Surgical Partners International, Delayed
Draw Term Loan, 4/19/14 52,818
283,231 2.29 B/Ba3 United Surgical Partners International, Tranche B
Term Loan, 4/21/14 275,088
-----------
$ 2,880,043
- ---------------------------------------------------------------------------------------------------------
Health Care Services -- 2.7%
249,375 5.50 NR/NR Alliance HealthCare Services, Initial Term Loan,
6/1/16 $ 249,583
293,341 2.51 NR/NR Catalent Pharma Solutions, Inc., Dollar Term
Loan, 4/10/14 279,774
201,529 2.51 BB-/Ba3 Healthsouth Corp., Tranche 1 Term Loan,
3/10/13 198,380
650,000 6.25 NR/B1 Prime Healthcare Services, Term B Loan,
4/28/15 637,000
329,175 6.00 BB/Ba3 RehabCare Group, Inc., Term B Loan, 11/1/15 331,232
498,750 7.00 CCC/B3 Rural/Metro Operating Co. LLC, Term Loan,
12/7/14 502,491
-----------
$ 2,198,460
- ---------------------------------------------------------------------------------------------------------
Health Care Supplies -- 1.4%
38,132 3.54 BB-/B1 Bausch & Lomb, Inc., Delayed Draw Term Loan,
4/24/15 $ 37,408
157,230 3.54 BB-/B1 Bausch & Lomb, Inc., Parent Term Loan,
4/24/15 154,246
460,923 3.28 BB/Ba2 Biomet, Inc., Dollar Term Loan, 3/25/15 455,289
486,250 2.27 BB/Ba2 IM US Holdings, 1st Lien Term Loan, 6/26/14 478,592
-----------
$ 1,125,535
- ---------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.3%
247,560 5.25 NR/NR IMS Health, Inc., Tranche B Dollar Term Loan,
11/9/16 $ 249,479
- ---------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
250,000 6.00 B+/Ba3 Multiplan, Inc., Incremental Term Loan, 4/12/13 $ 250,703
-----------
Total Health Care Equipment & Services $ 6,759,890
- ---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 1.9%
Biotechnology -- 0.9%
439,560 6.50 NR/NR Harvard Drug Group., Closing Date Loan, 4/7/16 $ 440,385
128,898 5.50 NR/B1 Warner Chilcott Corp., Term A Loan, 10/30/14 129,240
59,326 5.75 NR/B1 Warner Chilcott Corp., Term B1 Loan, 4/30/15 59,505
98,789 5.75 NR/B1 Warner Chilcott Corp., Term B2 Loan, 4/30/15 99,087
44,888 5.75 NR/B1 Warner Chilcott Corp., Term B3 Loan, 4/30/15 45,009
-----------
$ 773,226
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- ---------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.7%
$ 550,000 6.00 BB/Ba2 Wyle Laboratories, Inc., Term Loan, 3/28/16 $ 551,375
- ---------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
240,000 3.56 NR/NR Mylan Laboratories, U.S. Tranche B Term Loan,
10/2/14 $ 240,083
-----------
Total Pharmaceuticals & Biotechnology $ 1,564,684
- ---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.4%
Consumer Finance -- 0.6%
500,000 7.25 B/B2 American General Finance Corp., Term Loan,
4/8/15 $ 501,500
8,506 7.00 BB/B1 Dollar Financial Corp., Canadian Term Loan,
12/31/14 8,251
6,254 7.00 BB/B1 Dollar Financial Corp., Delayed Draw Term Loan,
12/31/14 6,067
-----------
$ 515,818
- ---------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.3%
134,306 3.26 B-/B1 Ceva Group Plc, EGL Term Loan, 11/4/13 $ 122,430
108,279 3.50 NR/Ba1 Metavante Corp., Term Loan, 11/3/14 109,181
-----------
$ 231,611
- ---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
432,815 7.50 B/B1 NCO Financial Systems, Term B Advance Loan,
5/15/13 $ 428,126
-----------
Total Diversified Financials $ 1,175,555
- ---------------------------------------------------------------------------------------------------------
INSURANCE -- 2.3%
Insurance Brokers -- 1.7%
243,750 3.29 NR/NR Alliant Holdings I, Inc., Term Loan, 8/21/14 $ 233,695
99,500 6.75 B/NR HUB International Holdings, Inc., Additional Term
Loan, 6/13/14 99,687
89,296 2.79 B/NR HUB International Holdings, Inc., Delayed Draw
Term Loan, 6/13/14 84,697
397,263 2.79 B/NR HUB International Holdings, Inc., Initial Term
Loan, 6/13/14 376,804
685,228 3.05 B/B2 USI Holdings Corp., Tranche B Term Loan,
5/5/14 639,832
-----------
$ 1,434,715
- ---------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.6%
501,212 2.77 B-/NR AmWINS Group, Inc., Initial Term Loan, 6/8/13 $ 470,303
-----------
Total Insurance $ 1,905,018
- ---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Real Estate Development -- 0.3%
250,000 7.50 B/Ba3 Ozburn-Hessey Holdings, 1st Lien Term Loan,
4/7/16 $ 252,500
-----------
Total Real Estate $ 252,500
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 27
Schedule of Investments | 4/30/10 (unaudited) (continued)
- --------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- --------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 5.7%
Application Software -- 1.1%
$ 493,271 2.25 B/Ba3 Nuance Communications, Inc., Term Loan,
3/29/13 $ 484,793
99,744 2.28 B/Ba3 Nuance Communications, Inc., Incremental Term
Loan, 3/29/13 98,029
372,642 2.25 B+/B1 Serena Software, Inc., Term Loan, 3/11/13 361,152
-----------
$ 943,974
- --------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.9%
7,438 4.51 BB+/Ba1 Fidelity National Information, Tranche C Term
Loan, 1/18/12 $ 7,508
494,924 3.03 BB-/B1 First Data Corp., Initial Tranche B2 Term Loan,
9/24/14 445,487
297,727 2.77 NR/NR Lender Processing Services, Inc., Term B Loan,
7/1/14 298,968
-----------
$ 751,963
- --------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 2.0%
375,155 2.31 NR/NR Activant Solutions, Inc., Term Loan, 5/2/13 $ 359,679
250,000 6.00 BB-/B1 Intergraph Corp., Incremental Term Loan,
5/29/14 251,354
529,268 2.51 BB/B1 Keane International, Inc., Closing Date Loan,
6/4/13 504,125
41,293 2.68 BB/B1 Keane International, Inc., Synthetic LC Loan,
6/4/13 39,332
483,750 2.00 BB/Ba3 Sungard Data Systems, Inc., Tranche A U.S. Term
Loan, 2/28/14 468,746
-----------
$ 1,623,236
- --------------------------------------------------------------------------------------------------------
Systems Software -- 1.7%
246,875 8.50 CCC+/B1 Allen Systems Group, Inc., 1st Lien Term Loan,
10/19/13 $ 249,267
453,840 2.51 BB-/Ba3 Inverness Medical Innovations, Term Loan,
2/14/13 442,494
250,000 5.25 BB-/Ba3 Reynolds & Reynolds Co., Term Loan, 4/1/17 250,000
500,000 6.75 B+/B1 Telcordia Technologies, Inc., Term Loan, 4/9/16 502,423
-----------
$ 1,444,184
-----------
Total Software & Services $ 4,763,357
- --------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.1%
Communications Equipment -- 0.6%
278,400 2.79 BB-/Ba2 Commscope, Inc., Term B Loan, 12/26/14 $ 277,616
249,375 6.00 NR/NR TowerCo LLC, Term Loan, 11/24/14 252,077
-----------
$ 529,693
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
- --------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- --------------------------------------------------------------------------------------------------------
Electronic Components -- 0.5%
$ 130,657 2.54 NR/Ba1 Flextronics Semiconductor, A Closing Date Term
Loan, 10/1/14 $ 126,198
8,883 2.55 NR/Ba1 Flextronics Semiconductor, A1A Delayed Draw
Term Loan, 10/1/14 8,580
9,048 2.54 BB-/Ba2 Flextronics Semiconductor, A1B Delayed Draw
Term Loan, 10/1/14 8,739
287,914 2.52 NR/Ba1 Flextronics Semiconductor, A3 Delayed Draw
Term Loan, 10/1/14 276,397
-----------
$ 419,914
- --------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.8%
322,680 3.78 BB-/Ba3 Itron, Inc., Dollar Term Loan, 4/18/14 $ 322,599
95,528 7.25 BB+/Ba3 L-1 Identity Solutions Operating Co., Tranche B2
Term Loan, 8/5/13 95,886
237,269 4.52 NR/NR Scitor Corp., Term Loan, 9/26/14 234,896
-----------
$ 653,381
- --------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.6%
484,462 5.25 BB+/Ba3 Baldor Electric Co., Term Loan, 1/31/14 $ 487,798
- --------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.6%
500,000 8.25 B/B1 Securus Technologies, Term Loan, 10/30/14 $ 503,750
-----------
Total Technology Hardware & Equipment $ 2,594,536
- --------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 1.2%
Semiconductor Equipment -- 0.4%
383,267 4.50 B-/NR Freescale Semiconductor, Inc., Extended Maturity
Term Loan, 12/1/16 $ 369,028
- --------------------------------------------------------------------------------------------------------
Semiconductors -- 0.8%
650,000 4.75 BB+/Ba2 Intersil Corp., Term Loan, 4/27/16 $ 653,757
-----------
Total Semiconductors $ 1,022,785
- --------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.6%
Integrated Telecommunication Services -- 2.0%
476,512 3.28 NR/NR Telesat Canada, Inc., U.S. Term I Loan,
10/31/14 $ 469,761
40,929 3.28 NR/NR Telesat Canada, Inc., U.S. Term II Loan,
10/31/14 40,349
248,715 2.03 B/B1 Time Warner Telecom, Term B Loan, 1/7/13 245,961
395,916 2.64 BB-/B1 West Corp., Term B2 Loan, 10/24/13 386,976
125,000 3.66 NR/NR Wind Telecomunicazioni S.p.A., Term B2 Loan,
5/27/13 124,000
125,000 4.66 NR/NR Wind Telecomunicazioni S.p.A., Term C2 Loan,
5/26/14 124,000
296,227 3.06 NR/NR Windstream Corp., Tranche B2 Term Loan,
12/17/15 296,597
-----------
$ 1,687,644
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 29
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- -----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.6%
$ 243,073 2.52 NR/NR MetroPCS Wireless, Inc., Tranche B Term Loan,
11/3/13 $ 238,095
232,323 5.00 BB-/Ba2 Stratos Global Corp., Term B Facility Loan,
2/13/12 231,016
-----------
$ 469,111
-----------
Total Telecommunication Services $ 2,156,755
- -----------------------------------------------------------------------------------------------------------
UTILITIES -- 1.7%
Electric Utilities -- 0.7%
741,202 3.75 BBB-/Ba1 Texas Competitive Electric Holdings, Initial
Tranche B2 Loan, 10/10/14 $ 609,639
- -----------------------------------------------------------------------------------------------------------
Independent Power Producer &
Energy Traders -- 1.0%
531,686 3.17 B+/B2 Calpine Corp., 1st Priority Term Loan, 3/29/14 $ 513,607
91,980 2.29 B+/B2 Mach Gen LLC, Synthetic LC Loan, 2/22/13 86,001
88,122 0.19 BB+/Baa3 NRG Energy, Inc., Credit Linked Term Loan,
2/1/13 86,555
133,397 2.04 BB+/Baa3 NRG Energy, Inc., Term Loan, 2/1/13 131,025
-----------
$ 817,188
-----------
Total Utilities $ 1,426,827
- -----------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $59,732,243) $61,004,346
- -----------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 18.8%
Repurchase Agreements -- 18.8%
3,110,000 Bank of America, Inc., 0.20%, dated 4/30/10,
repurchase price of $3,110,000 plus accrued
interest on 5/3/10 collateralized by $3,172,218
Tennessee Valley Authority Notes, 0.0%, 6/3/10 $ 3,110,000
3,110,000 BNP Paribas SA, 0.20%, dated 4/30/10,
repurchase price of $3,110,000 plus accrued
interest on 5/3/10 collateralized by the following:
$2,869,429 Federal National Mortgage
Association (ARM) 2.701-5.812%,
12/1/34-11/1/39
$302,771 Federal Home Loan Mortgage Corp.,
3.631%, 5/1/35 3,110,000
3,110,000 Deutsche Bank Securities, Inc., 0.20%, dated
4/30/10, repurchase price of $3,110,000 plus
accrued interest on 5/3/10 collateralized by
$3,172,200 Federal National Mortgage
Association, 4.5-7.0%, 8/1/36-1/1/39 3,110,000
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
- ------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
- ------------------------------------------------------------------------------------------------------------
$ 3,110,000 JPMorgan, Inc., 0.20%, dated 4/30/10,
repurchase price of $3,110,000 plus accrued
interest on 5/3/10 collateralized by the following:
$2,837,671 Government National Mortgage
Association I, 4.5-6.0%,
5/15/39-2/15/40
$332,573 Government National Mortgage
Association II, 6.0-7.5%,
3/20/30-2/20/38 $ 3,110,000
3,110,000 SG Americas Securities LLC, 0.20%, dated
4/30/10, repurchase price of $3,110,000 plus
accrued interest on 5/3/10 collateralized by the
following:
$905,194 Federal National Mortgage
Association, 5.0-6.0%, 9/1/36-2/1/40
$1,358,286 Federal National Mortgage
Association ARM, 3.651-5.018%,
7/1/35-7/1/39
$908,720 Freddie Mac Giant, 4.0%, 1/1/20 $ 3,110,000
-----------
$15,550,000
- ------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $15,550,000) $15,550,000
- ------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.5%
(Cost $81,583,612)(a) $83,204,457
- ------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- (0.5)% $ (424,260)
- ------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $82,780,197
============================================================================================================
* Non-income producing security.
NR Not rated by either S&P or Moody's.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At April
30, 2010, the value of these securities amounted to $1,290,075 or 1.6% of
total net assets.
** Senior floating rate loan interests in which the Fund invests generally
pay interest at rates that are periodically redetermined by reference to
a base lending rate plus a premium. These base lending rates are
generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
offered by one or more major United States banks, (iii) the certificate
of deposit or (iv) other base lending rates used by commercial lenders.
The rate shown is the coupon rate at period end.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 31
Schedule of Investments | 4/30/10 (unaudited) (continued)
(a) At April 30, 2010, the net unrealized gain on investments based on cost
for federal income tax purposes of $81,637,526 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $2,188,270
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (621,339)
----------
Net unrealized gain $1,566,931
==========
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
(c) Security is valued using fair value methods (other than prices supplied
by independent pricing services) (see Note 1A).
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2010 aggregated $28,284,043 and $13,035,454,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of April 30, 2010, in valuing
the Fund's assets:
- -------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- -------------------------------------------------------------------------------------------------
Preferred Stocks $ 98,199 $ 93,040 $ -- $ 191,239
Common Stocks 71,033 207,193 44,224 322,450
Asset Backed Securities -- 241,120 -- 241,120
Collateralized Mortgage Obligations -- 259,488 -- 259,488
Corporate Bonds -- 5,635,814 -- 5,635,814
Senior Floating Rate Loan Interests -- 60,667,678 336,668 61,004,346
Temporary Cash Investments -- 15,550,000 -- 15,550,000
- -------------------------------------------------------------------------------------------------
Total $169,232 $82,654,333 $380,892 $83,204,457
=================================================================================================
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
- -----------------------------------------------------------------------------------
Senior Floating
Common Rate Loan
Stocks Interests
- -----------------------------------------------------------------------------------
Balance as of 10/31/09 $ -- $ --
Realized gain (loss)(1) -- --
Change in unrealized appreciation (depreciation)(2) -- --
Net purchases (sales) 44,224 336,668
Transfers in and out of Level 3 -- --
- -----------------------------------------------------------------------------------
Balance as of 4/30/10 $44,224 $336,668
===================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 33
Statement of Assets and Liabilities | 4/30/10 (unaudited)
ASSETS:
Investment in securities, at value (cost $81,583,612) $83,204,457
Cash 2,872,242
Receivables --
Investment securities sold 84,501
Fund shares sold 4,698,790
Interest 288,877
Due from Pioneer Investment Management, Inc. 15,156
Unrealized appreciation on unfunded corporate loans 113
Other 39,887
- -----------------------------------------------------------------------
Total assets $91,204,023
- -----------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 8,208,676
Fund shares repurchased 55,330
Dividends 106,821
Due to affiliates 6,875
Accrued expenses 46,124
- -----------------------------------------------------------------------
Total liabilities $ 8,423,826
- -----------------------------------------------------------------------
NET ASSETS:
Paid-in capital $83,228,240
Distributions in excess of net investment income (135,802)
Accumulated net realized loss (1,933,199)
Net unrealized gain on investments 1,620,958
- -----------------------------------------------------------------------
Total net assets $82,780,197
=======================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $53,601,390/7,843,495 shares) $ 6.83
Class C (based on $17,550,862/2,565,883 shares) $ 6.84
Class Y (based on $11,627,945/1,697,204 shares) $ 6.85
MAXIMUM OFFERING PRICE:
Class A ($6.83 [divided by] 95.5%) $ 7.15
=======================================================================
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
Statement of Operations (unaudited)
For the Six Months Ended 4/30/10
INVESTMENT INCOME:
Dividends $ 3,625
Interest 1,603,400
- ---------------------------------------------------------------------------------------
Total investment income $1,607,025
- ---------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 176,839
Transfer agent fees and expenses
Class A 14,445
Class C 5,307
Class Y 387
Distribution fees
Class A 40,557
Class C 73,313
Shareholder communications expense 6,765
Administrative reimbursements 8,842
Custodian fees 10,548
Registration fees 24,814
Professional fees 33,546
Printing expense 10,410
Fees and expenses of nonaffiliated trustees 3,620
Miscellaneous 16,834
- ---------------------------------------------------------------------------------------
Total expenses $ 426,227
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (43,241)
- ---------------------------------------------------------------------------------------
Net expenses $ 382,986
- ---------------------------------------------------------------------------------------
Net investment income $1,224,039
- ---------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments: $ 88,141
- ---------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $2,337,537
Unfunded corporate loans (364) $2,337,173
- ---------------------------------------------------------------------------------------
Net gain on investments $2,425,314
- ---------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $3,649,353
=======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 35
Statements of Changes in Net Assets
For the Six Months Ended 4/30/10 and the Year Ended 10/31/09
- ---------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended
(unaudited) 10/31/09
- ---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,224,039 $ 1,883,061
Net realized gain (loss) on investments 88,141 (929,610)
Change in net unrealized gain on investments 2,337,173 7,323,161
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 3,649,353 $ 8,276,612
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.17 and $0.43 per share, respectively) $ (793,442) $ (863,290)
Class C ($0.14 and $0.37 per share, respectively) (299,262) (466,403)
Class Y ($0.17 and $0.43 per share, respectively) (303,645) (596,840)
- ---------------------------------------------------------------------------------------------------
Total distributions to shareowners $(1,396,349) $(1,926,533)
- ---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $48,328,494 $28,920,524
Reinvestment of distributions 580,674 997,101
Cost of shares repurchased (21,044,267) (12,266,283)
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $27,864,901 $17,651,342
- ---------------------------------------------------------------------------------------------------
Net increase in net assets $30,117,905 $24,001,421
NET ASSETS:
Beginning of period 52,662,292 28,660,871
- ---------------------------------------------------------------------------------------------------
End of period $82,780,197 $52,662,292
- ---------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ (135,802) $ 36,508
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
- --------------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
(unaudited) (unaudited)
- --------------------------------------------------------------------------------------------------
Class A
Shares sold 5,199,059 $ 35,148,704 3,599,114 $21,686,238
Reinvestment of distributions 68,367 459,205 92,549 542,487
Less shares repurchased (1,578,658) (10,581,466) (1,156,580) (7,123,551)
- --------------------------------------------------------------------------------------------------
Net increase 3,688,768 $ 25,026,443 2,535,083 $15,105,174
==================================================================================================
Class C
Shares sold 1,359,111 $ 9,175,381 664,751 $ 4,057,324
Reinvestment of distributions 14,232 95,729 39,535 213,648
Less shares repurchased (815,443) (5,499,283) (301,385) (1,701,294)
- --------------------------------------------------------------------------------------------------
Net increase 557,900 $ 3,771,827 402,901 $ 2,569,678
==================================================================================================
Class Y
Shares sold 590,898 $ 4,004,409 544,860 $ 3,176,962
Reinvestment of distributions 3,815 25,740 45,813 240,966
Less shares repurchased (734,578) (4,963,518) (614,827) (3,441,438)
- --------------------------------------------------------------------------------------------------
Net decrease (139,865) $ (933,369) (24,154) $ (23,510)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 37
Financial Highlights
- ----------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended
(unaudited) 10/31/09
- ----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.58 $ 5.64
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.15 $ 0.32
Net realized and unrealized gain (loss) on investments 0.27 0.95
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.42 $ 1.27
Distributions to shareowners:
Net investment income (0.17) (0.33)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.83 $ 6.58
======================================================================================================================
Total return* 6.42% 23.50%
Ratio of net expenses to average net assets+ 1.10%** 1.10%
Ratio of net investment income to average net assets+ 4.33%** 5.26%
Portfolio turnover rate 47%** 23%
Net assets, end of period (in thousands) $53,601 $27,333
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.34%** 1.58%
Net investment income 4.09%** 4.78%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 1.10%** 1.10%
Net investment income 4.33%** 5.26%
======================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------
Year Ended 2/14/07 (a)
10/31/08 to 10/31/07
- ----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.29 $ 7.50
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.40 $ 0.32
Net realized and unrealized gain (loss) on investments (1.62) (0.23)
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ (1.22) $ 0.09
Distributions to shareowners:
Net investment income (0.43) (0.30)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 5.64 $ 7.29
======================================================================================================================
Total return* (17.57)% 1.21%(b)
Ratio of net expenses to average net assets+ 1.10% 1.10%**
Ratio of net investment income to average net assets+ 5.85% 6.31%**
Portfolio turnover rate 30% 49%(b)
Net assets, end of period (in thousands) $ 9,130 $11,216
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.40% 1.47%**
Net investment income 5.55% 5.94%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 1.10% 1.10%**
Net investment income 5.85% 6.31%**
======================================================================================================================
(a) Class A shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
- ----------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended
(unaudited) 10/31/09
- ----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.58 $ 5.63
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.12 $ 0.27
Net realized and unrealized gain (loss) on investments 0.28 0.96
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.40 $ 1.23
Distributions to shareowners:
Net investment income (0.14) (0.28)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.84 $ 6.58
======================================================================================================================
Total return* 6.10% 22.63%
Ratio of net expenses to average net assets+ 2.00%** 2.00%
Ratio of net investment income to average net assets+ 3.47%** 4.60%
Portfolio turnover rate 47%** 23%
Net assets, end of period (in thousands) $17,551 $13,219
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.06%** 2.29%
Net investment income 3.41%** 4.31%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 2.00%** 2.00%
Net investment income 3.47%** 4.60%
======================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------
Year Ended 2/14/07 (a)
10/31/08 to 10/31/07
- ----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 7.29 $ 7.50
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.34 $ 0.28
Net realized and unrealized gain (loss) on investments (1.63) (0.23)
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ (1.29) $ 0.05
Distributions to shareowners:
Net investment income (0.37) (0.26)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 5.63 $ 7.29
======================================================================================================================
Total return* (18.46)% 0.70%(b)
Ratio of net expenses to average net assets+ 2.00% 2.00%**
Ratio of net investment income to average net assets+ 4.96% 5.38%**
Portfolio turnover rate 30% 49%(b)
Net assets, end of period (in thousands) $ 9,040 $10,959
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.30% 2.32%**
Net investment income 4.66% 5.06%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 2.00% 2.00%**
Net investment income 4.96% 5.38%**
======================================================================================================================
(a) Class C shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 39
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended
(unaudited) 10/31/09
- ----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 6.59 $ 5.64
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.15 $ 0.32
Net realized and unrealized gain (loss) on investments 0.28 0.96
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.43 $ 1.28
Distributions to shareowners:
Net investment income (0.17) (0.33)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.85 $ 6.59
======================================================================================================================
Total return* 6.60% 23.70%
Ratio of net expenses to average net assets+ 0.98%** 1.09%
Ratio of net investment income to average net assets+ 4.53%** 5.58%
Portfolio turnover rate 47%** 23%
Net assets, end of period (in thousands) $11,628 $12,109
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.99%** 1.24%
Net investment income 4.52%** 5.43%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 0.98%** 1.09%
Net investment income 4.53%** 5.58%
======================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------
Year Ended 2/14/07 (a)
10/31/08 to 10/31/07
- ----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 7.29 $ 7.50
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.40 $ 0.33
Net realized and unrealized gain (loss) on investments (1.62) (0.24)
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ (1.22) $ 0.09
Distributions to shareowners:
Net investment income (0.43) (0.30)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 5.64 $ 7.29
======================================================================================================================
Total return* (17.53)% 1.24%(b)
Ratio of net expenses to average net assets+ 1.08% 1.11%**
Ratio of net investment income to average net assets+ 5.82% 6.27%**
Portfolio turnover rate 30% 49%(b)
Net assets, end of period (in thousands) $10,491 $ 9,730
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.27% 1.32%**
Net investment income 5.63% 6.06%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 1.08% 1.11%**
Net investment income 5.82% 6.27%**
======================================================================================================================
(a) Class Y shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of the period.
** Annualized.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
Notes to Financial Statements | 4/30/10 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Floating Rate Fund (the Fund) is a series of Pioneer Series Trust VI, a
Delaware statutory trust. The Fund is registered under the Investment Company
Act of 1940 as a non-diversified, open-end management investment company. The
investment objective of the Fund is to produce a high level of current income.
The Fund offers three classes of shares designated as Class A, Class C, and
Class Y shares. Class A, Class C and Class Y shares were first publicly offered
on February 14, 2007. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund invests in below investment grade (high yield)
debt securities. Debt securities rated below investment grade are commonly
referred to as "junk bonds" and are considered speculative. These securities
involve greater risk of loss, are subject to greater price volatility, and are
less liquid, especially during periods of economic uncertainty or change, than
higher rated debt securities. The Fund's investments in foreign markets or
countries with limited developing markets may also subject the Fund to a
greater degree of risk than in a developed market. Risks associated with these
developing markets include disruptive political or economic conditions and the
possible imposition of adverse governmental laws or currency exchange
restrictions. The Fund's prospectus contains unaudited information regarding
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 41
the Fund's principal risks. Please refer to that document when considering the
Fund's principal risks.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting year. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation through
the use of pricing matrices to determine valuations. Fixed-income securities
with remaining maturity of more than sixty days are valued at prices supplied
by independent pricing services, which consider such factors as market
prices, market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings. Valuations may be supplemented by values
obtained from dealers and other sources, as required. Equity securities that
have traded on an exchange are valued at the last sale price on the principal
exchange where they are traded. Equity securities that have not traded on the
date of valuation, or securities for which sale prices are not available,
generally are valued using the mean between the last bid and asked prices.
Securities or loans for which independent pricing services are unable to
supply prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees and may
include yield equivalents or a pricing matrix.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
42 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset value.
Thus, the valuation of the Fund's securities may differ from exchange prices.
At April 30, 2010, two securities were valued using fair value methods (other
than securities valued using prices supplied by independent pricing services)
representing 0.5% of net assets. Short-term fixed income securities with
remaining maturities of sixty days or less generally are valued at amortized
cost.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years are subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions, or as from
paid-in capital, depending on the type of book/tax differences that may
exist.
The tax character of current year distributions paid will be determined at
the end of the current taxable year. The tax character of distributions paid
during the year ended October 31, 2009 was as follows:
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 43
------------------------------------------------------------------------------
2009
------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $1,926,533
------------------------------------------------------------------------------
Total $1,926,533
==============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2009:
------------------------------------------------------------------------------
2009
------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 230,489
Dividends payable (154,251)
Capital loss carryforward (2,007,156)
Unrealized depreciation (770,129)
------------------------------------------------------------------------------
Total $(2,701,047)
==============================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, tax treatment of
premium, interest on defaulted bonds, and adjustments relating to catastrophe
bonds.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and a wholly owned indirect subsidiary of UniCredit S.p.A (UniCredit), earned
approximately $18,994 in underwriting commissions on the sale of Class A
shares during the six months ended April 30, 2010.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning of
the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. Shareowners of each
class participate in all expenses and fees paid to the transfer agent,
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its
services, which are allocated among the classes of shares based on the number
of accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
44 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, and Class Y shares can
reflect different transfer agent and distribution expense rates.
E. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
for determining that the value of the collateral remains at least equal to
the repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.60% of
the Fund's average daily net assets up to $500 million and 0.55% of the excess
of $500 million. For the six months ended April 30, 2010, the effective
management fee (excluding waivers and/or assumption of expenses) was equivalent
to 0.60% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.10% and 2.00% of the Fund's average daily
net assets attributable to Class A shares and Class C shares, respectively.
These expense limitations are in effect through March 1, 2012 for Class A
shares and through March 1, 2011 for Class C shares. There can be no assurance
that PIM will extend the expense limitation agreement for any class of shares
beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$1,381 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2010.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 45
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the six months ended April 30, 2010, such out-of-pocket expenses by class
of shares were as follows:
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $5,598
Class C 964
Class Y 203
- --------------------------------------------------------------------------------
Total $6,765
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $4,683 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2010.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $811 in distribution fees payable to PFD
at April 30, 2010.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 18 months of purchase (within 12 months for purchases made on or after
April 1, 2009). Redemptions of Class C shares within one year of purchase are
subject to a CDSC of 1.00%, based on the lower of cost or market value of
shares being redeemed. Shares purchases as part of an exchange remain subject
to any CDSC that applied to the original purchase of those shares. There is no
CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the six
months ended April 30, 2010, CDSCs in the amount of $1,046 were paid to PFD.
46 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended April 30, 2010, the Fund's
expenses were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency
purposes. The Fund may borrow up to the lesser of the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an annualized basis. The Funds pay an annual commitment fee for this facility.
The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the six months ended
April 30, 2010, the Fund had no borrowings under this agreement.
7. Unfunded Loan Commitments
As of April 30, 2010, the Fund had unfunded loan commitments of approximately
$60,440 (excluding unrealized appreciation on those commitments of $113 as of
April 30, 2010), which could be extended at the option of the borrower pursuant
to the following loan agreements:
- --------------------------------------------------------------------------------
Unfunded
Borrower Commitment
- --------------------------------------------------------------------------------
Harvard Drug Group, Delayed Draw Term Loan $60,440
8. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 47
Approval of Investment Advisory Agreement (unaudited)
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Floating Rate Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether
to renew the investment advisory agreement for the Fund.
The contract review process began in March 2009 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2009, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in August 2009. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM in September 2009, and materials were provided in
response to this request. Meetings of the independent Trustees of the Fund were
held in July, September, October, and November, 2009 to review and discuss the
contract review materials. In addition, the Trustees took into account the
information related to the Fund provided to the Trustees at each regularly
scheduled meeting.
At a meeting held on November 10, 2009, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex.
48 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one year period ended June 30, 2009. (In all quintile rankings
referred to throughout this disclosure, first quintile is most favorable to the
Fund's shareowners. Thus, highest relative performance would be first quintile
and lowest relative expenses would also be first quintile.) The Trustees
concluded that the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and the expense ratios of a peer group of funds selected on the
basis of criteria determined by the independent Trustees for this purpose using
data provided by Strategic Insight Mutual Trust Research and Consulting, LLC
(Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2009 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoint in the management fee schedule and
the reduced fee rate on assets over $500 million. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2009 was in the
fourth quintile relative to its Strategic Insight peer group for the comparable
period. The Trustees also considered that the Fund's total expense ratio was
only slightly higher than that of the median expense ratio of its peer group,
but that such expense ratio appeared at the top of the fourth quintile because
of the small size of the peer group.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 49
The Trustees also reviewed management fees charged by PIM to its institutional
and other clients. In evaluating the fees associated with PIM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and client accounts. The Trustees noted
that in some instances the fee rates for those clients were lower than the
management fee for the Fund and considered that, under the investment advisory
agreement with the Fund, PIM performs additional services for the Fund that it
does not provide to those other clients or services that are broader in scope,
including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by
PIM. The Trustees also concluded that the Fund's expense ratio was reasonable
taking into account the nature and quality of services provided by PIM and the
contractual expense limitation agreed to by PIM with respect to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify and that, among other factors that may be relevant, are the following:
fee levels, expense subsidization, investment by PIM in research and analytical
capabilities and PIM's commitment and resource allocation to the Funds. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
particularly, for example during the difficult year in 2008 for financial
markets, as the level of services was maintained notwithstanding a significant
decline in PIM's fee revenues from the Funds. Accordingly, the Trustees
concluded that economies of scale, if any, were being appropriately shared with
the Fund.
50 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with
the Fund and the other Pioneer funds. The Trustees concluded that the receipt
of these benefits was reasonable in the context of the overall relationship
between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/10 51
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
52 Pioneer Floating Rate Fund | Semiannual Report | 4/30/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year, on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO]PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2010 Pioneer Investments 20856-03-0610
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VI
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date June 28, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date June 28, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date June 28, 2010
* Print the name and title of each signing officer under his or her signature.